(20)The Audit Oversight Board of Malaysia has competence in public oversight, external quality assurance and investigations of auditors and audit firms, including matters of cooperation with relevant foreign authorities on exchange and transfer of information for audit oversight purposes, and this Decision should only cover these competences. The Audit Oversight Board carries out its duties on behalf of the Securities Commission of Malaysia, but operates independently of it. Therefore, the Audit Oversight Board of Malaysia is the competent authority for the purposes of Article 47(1)(c) of Directive 2006/43/EC. It implements adequate safeguards prohibiting and sanctioning disclosure by its current or former employees of confidential information to any third person or authority. Under the laws and regulations of Malaysia, it may transfer to the competent authorities of the Member States documents equivalent to those referred to in Article 47(1) of Directive 2006/43/EC. On that basis, the Audit Oversight Board of Malaysia meets requirements which should be declared adequate for the purposes of Article 47(1)(c) of Directive 2006/43/EC.